Connect with us

National News

Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

Published

on

Eid-El-Kabir Celebration: FG Declares Monday, Tuesday Public Holiday

Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

By: Michael Mike

The President Association of Professional Bodies of Nigeria (APBN), Akin Oyegbola, has blamed the nation’s economic stunted growth on the nation’s high inflation, insecurity the incessant fuel scarcity.

He stated this during a press conference at the second APBN 2022, second board meeting held on Tuesday in Abuja

Oyegbola said, companies and factories have or are on the verge of shutting down as a result of the high cost of fuel.

He said: “In recent months, we have experienced Continiuos astronomical increase in the cost of diesel (AGO), as well as scarcity of Premium Motor Spirit (PMS), in some major cities. While we have no problem with the excuse offered by the government for cause of the scarcity and price hike, its effect on the economy can only be imagined. This re-emphasises the need for local production of petroleum products. We must revive our refineries. We believe this is the way out of the incessant cases of petrol scarcity.

“The economic loses due to high cost of diesel is massive. Inflation is very high, many companies, factories and airlines have or are at the verge of shutting down due to unsustainable cost of fuel.”

Oyegbola lamented the free fall of the Naira and the security situation and their impacts on the nation’s economy.

“The issue of insecurity has remained major concern to us. You would recall that one of the issues that came up at the board’s last meeting, and which formed a major thrust of board’s last deliberations; because of the seeming I tractability of this issue. The nation’s economy is being stunted, and may not attract the much needed investments as long as there are these palpable feelings of insecurity in the land. The board urges the board urges the federal government to sustain its onslaught against bandits, kidnappers and criminal elements across the country.

Also Read: NYSC D-G seeks increased support for trust fund

“The free fall of the Naira against the dollar. While we are aware that the government through the Central Bank of Nigeria (CBN), is doing its best to get the Naira stable, we see the situation as a very worrisome one.”

He used the opportunity to call both the federal and state governments to engage APBN members in the development of the nation. “Any economy that that wants to develop must find a way to enlisting the services of its professionals. We believe the Nigerian governments (National and Sub-nationals), are not doing that enough. The board will, therefore, will like to use the to call on those in government to begin to look inwards for assistance. APBN boast of an array of qualified professionals that can rub shoulders with their peers anywhere in the world, and we are very ready for national assignments.”

On diversifying the nation’s economy he said Nigeria must move from mere slogans to practicalisation of  slogans 

In his explanations; APBN is an association of 30 Nigerian professional bodies. It is apolitical but a pressure of professionals, who expect their individual members to be political in order to make the changes that will bring integrity to the system.

He also said the challenges being faced by the nation today didn’t start with the current administration; they’re not expecting the current administration to sanitiser the system with less than a year left.

Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

Published

on

Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

By: Michael Mike

The rumoured interest of Minister of Foreign Affairs, Ambassador Yusuf Tuggar in becoming the governor of Bauchi State come 2027 may have been confirmed he resigned on Monday to prepared ground for actualization of his political ambition.

The resignation was ahead of the deadline set for political appointees seeking elective positions in the forthcoming general elections.

In a resignation letter submitted to the office of the Secretary to the Government of the Federation, Tuggar expressed profound gratitude to President Bola Ahmed Tinubu for the opportunity to serve the country and contribute to the implementation of the administration’s Four-D foreign policy strategy.

The former minister also appreciated the management and staff of the Ministry of Foreign Affairs and members of the diplomatic community for their cooperation and support throughout his tenure.

During his time in office, Tuggar was credited with advancing Nigeria’s foreign policy objectives through initiatives focused on people-centred diplomacy. These included humanitarian evacuations, facilitation of scholarships for Nigerians abroad, and sustained support for citizens in the diaspora.

His tenure also witnessed increased diaspora engagement, including efforts to develop a structured database of Nigerians living abroad aimed at strengthening their participation in national development.

In addition, Tuggar strengthened bilateral and multilateral relations through strategic engagements with traditional partners and regional alliances, particularly across the Global South. His leadership also promoted regional security cooperation and supported the formation of the Regional Partnership for Democracy initiative.

He also prioritised economic diplomacy, positioning Nigeria as an attractive destination for foreign investment, especially in the energy sector, while facilitating diplomatic interventions that secured the release of detained Nigerians in foreign countries and improved bilateral relations.

The resignation letter was received on behalf of the Secretary to the Government of the Federation by Dr. Abubakar Kana, Permanent Secretary, General Services Office, ahead of the March thirty-first deadline directed by President Tinubu in line with provisions of the Electoral Act.

Tuggar’s resignation was conveyed in a statement issued by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir.

Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

Continue Reading

National News

Fuel Crisis: ActionAid Urges FG to Deploy Emergency Measures as Global Conflict Deepens Hardship

Published

on

Fuel Crisis: ActionAid Urges FG to Deploy Emergency Measures as Global Conflict Deepens Hardship

By: Michael Mike

ActionAid Nigeria has called on the Federal Government to urgently roll out emergency economic relief measures as the ongoing conflict involving Iran, Israel and the United States continues to disrupt global oil markets and worsen the economic hardship faced by Nigerians.

The organisation raised the alarm in a statement issued in Abuja on Sunday, warning that the crisis, which has persisted for more than a month, is already pushing millions of Nigerians deeper into poverty through rising fuel prices, transport fares and food costs.

According to the group, the absence of a clear and coordinated response from the Federal Government to cushion the effects of the global energy shock is deeply troubling.

While noting that global crude oil prices have surged from an average of about seventy-five to eighty dollars per barrel before the escalation of the conflict to roughly one hundred dollars per barrel due to supply disruptions in the Middle East, the organisation said Nigeria should be benefiting from the price increase.

It explained that with Nigeria’s daily crude oil production currently averaging between 1.3 million and 1.5 million barrels per day, the country is earning significantly more revenue from oil exports, yet these gains have not translated into relief for citizens struggling with soaring fuel costs.

The organisation said petrol prices are currently selling between N1,200 and N1,400 per litre across many parts of the country, while diesel prices remain persistently high.

It noted that the impact is being felt across all sectors of the economy, with transport fares surging, food prices rising and the cost of essential goods and services climbing beyond the reach of many households.

Speaking on the situation, the Country Director of ActionAid Nigeria, Andrew Mamedu, said the hardship faced by Nigerians reflects both the global crisis and long-standing domestic policy failures.

“It is unacceptable that Nigerians continue to suffer the consequences of global oil price increases while the country fails to translate its oil wealth into protection for its people,” he said.

Mamedu added that other countries facing similar shocks have implemented proactive measures to shield their citizens.

He cited examples of governments in Asia introducing price stabilisation policies, public transport support schemes and financial assistance to households in order to mitigate the effects of rising energy costs.

He noted that countries such as Thailand have deployed mechanisms such as the Oil Fuel Fund to cap fuel prices, while Indonesia has used subsidy compensation and public funds to reduce the impact of global price increases on citizens.

According to him, Nigeria must demonstrate similar urgency by implementing strong social protection measures.

The organisation said rapid community engagements conducted across several states indicate that many households are already adopting distress coping strategies, including skipping meals, withdrawing children from school due to transportation costs and borrowing money to survive.

It also warned that small and medium-sized enterprises are scaling down operations or shutting down completely due to rising diesel and logistics costs, while informal workers are experiencing declining incomes.

To address the situation, ActionAid Nigeria urged the Federal Government, in collaboration with state and local authorities, to deploy a coordinated emergency response that includes targeted cash transfers to vulnerable households and informal businesses.

The organisation also called for the temporary reintroduction of fuel subsidies for petrol and diesel, financial support for public transport systems to curb fare increases and the suspension or reduction of taxes and port charges contributing to high fuel prices.

Other recommendations include expanding the crude-for-naira framework to stabilise domestic fuel supply, protecting food distribution and health logistics from rising transportation costs and enforcing fuel consumption reduction measures across public institutions.

In addition, the group urged private sector employers to provide welfare support for workers, including transport assistance, flexible work arrangements and cost-of-living adjustments.

It also called on state and local governments to strengthen community-level safety nets, monitor market practices to prevent exploitation and ensure that relief measures reach vulnerable populations quickly.

“The global crisis may be beyond Nigeria’s control, but the government’s response is not,” the organisation said.

“One month into this crisis, continued inaction is unacceptable. Immediate and decisive steps must be taken to protect Nigerians from further hardship.”

Fuel Crisis: ActionAid Urges FG to Deploy Emergency Measures as Global Conflict Deepens Hardship

Continue Reading

National News

Easter: Church Targets Spiritual Renewal, Community Impact with Power-Packed Programme

Published

on

Easter: Church Targets Spiritual Renewal, Community Impact with Power-Packed Programme

By: Michael Mike

As Christians prepare for the Easter season, the City of Truth and Grace Assembly has positioned its 2026 celebration as more than a routine observance, unveiling a spiritually driven programme aimed at fostering personal transformation and strengthening community bonds.

Themed “The Power of Resurrection,” the church said the initiative is designed to rekindle faith, inspire hope, and provide a platform for collective spiritual engagement at a time when many people are seeking renewal amid prevailing social and economic pressures.

The programme, to be hosted by Dipo Fisho, will begin on Good Friday with a family-focused prayer session which organisers describe as a strategic gathering to address both personal and societal challenges through intercession.

According to the church, the prayer session will emphasise unity, healing, and divine direction for families and the wider community.

The Easter activities will culminate on Easter Sunday with a special worship service centred on the message of resurrection, renewal, and spiritual rebirth.

Organisers explained that the programme goes beyond worship services, incorporating moments of fellowship such as a love feast aimed at strengthening relationships among church members and welcoming first-time attendees while reinforcing the central Easter message of love, sacrifice, and redemption.

“This is not just a celebration; it is a call to experience transformation and new beginnings,” the church said, adding that the programme has been carefully curated to deliver both spiritual inspiration and emotional impact.

The event will take place at The Grounds Sport Arena, with activities scheduled for 5:00 p.m. on Good Friday and 8:00 a.m. on Easter Sunday.

With expectations of a large turnout, the church said the programme—also tagged “The Power of Resurrection”—is open to people of all backgrounds and is intended to inspire faith, unity, and a renewed sense of purpose.

Residents across the city have been encouraged to participate, as organisers project the gathering as a significant Easter convergence focused on renewal, hope, and shared spiritual experience.

Easter: Church Targets Spiritual Renewal, Community Impact with Power-Packed Programme

Continue Reading

Trending

Verified by MonsterInsights